Thinking about listing your Victorian property for sale in the coming weeks? We’ve spoken with experienced agent Mark Sewell from OBrien Real Estate Cranbourne about how you can get your property ready to hit the market this spring.
Hi everyone, we’ve spoken with one of our top performing Victorian agents about getting your property ready for listing post lockdown.
Hi guys, it’s Mark Sewell from Obrien Real Estate, Cranbourne. Thank you for the opportunity to present this video to you. A little background on myself… Twenty seven years in real estate locally, fully licensed estate agent and I have been a trainer at TAFE. I really do hope this video is helpful to you for your real estate journey.
What have you observed in the property market during lockdown?
While we’ve been unable to conduct any actual physical inspections of the homes, the buyer inquiries have been really strong for homes that are already on the market, and the buyers are really starting to lock down times to inspect them, and they’ve been booked in. As soon as we come out of lock down, we’re going to have a huge amount of buyers out there.
We’ve also got a number of buyers who are buying homes sight unseen based on just the photography and video tools online. That’s a really strange place for me. The buyers are doing it and we just deal with that as we go. For us, it’s really right now about banking those buyers and jumping out strong as soon as these restrictions get lifted.
As we enter this year’s spring selling season, what do you expect to happen?
Well, right now there are a lot of potential vendors parked, waiting to see what happens. I think that’s a huge mistake. We need to understand that there were a lot of vendors who sold pre-lockdown, and they’ve been unable to purchase due to this. They’ll be itching to jump right in and get sorted with their next purchase.
As well as that, there were a lot of buyers actively looking pre-lockdown who were unable to find the right ones for them. I’ve got a lot of mates in New Zealand. If we look back at the initial lockdown over there, as a reference, once the lockdown was over the market went ballistic with three months of sales being done in that first month post lockdown.
What are some of the things you recommend sellers do now in preparation for listing their property?
Well, what has exploded through Covid is home repairs and upgrades. For people looking to get to the market it’s all about having the best presentation possible. Sort out your gardens, re-stain your decks and get on top of all that general outdoor maintenance. Inside, touch up the painting, declutter and get all the stuff that you really didn’t need packed up for the op-shop and put into storage. Then get your home listed as soon as possible.
The need for photography is going to be at a premium. So those very first slots available will go out to those who are already booked in. Also don’t forget, get your conveyancer organised and get your vendor statement ready.
What selling strategies do you think homeowners could consider in this market?
Well, with the expected influx of buyers, I would suggest the premium way to sell right now would be a private sale, but add a closing date to that. That method of sale contains three phases through the negotiation.
The first phase is we get the sound triggered. That means the vendor has an offer, at an acceptable level. At that point we do not sell.
We then go into phase two, which is a twenty four hour closing window. In the next twenty four hours, all the potential buyers who have either shown interest in the home or have inspected it are called and advised the closing date has been brought forward to a new date. Generally, twenty four hours on. They are encouraged to make offers and be part of the final close.
Then we get into phase three. That is a third party follow up call. That’s the final stage of the sale, at the close with the vendor in attendance. All the buyers who made a written offer are called. Offers are confirmed and we close out by pushing the price upwards and find our final buyer.
Have you seen a shift in what buyers are looking for in a property due to this pandemic?
Well, the government incentives are certainly strengthening the land sales and the new bills for those looking into that space. On the other hand, a lot of buyers are not prepared to wait twelve to twenty four months to get a new home. That’s where our core business is, which is established residential homes.
The situation hasn’t really changed all that much. But I expect now with the working from home situation, that will carry on a fair bit. So the ability to have that study area as a separate space could be a good thing. There’s always people who are unhappy with their current home for whatever reason, and are looking to upgrade to the next step.
The buyers, pretty much across all categories, are looking to buy. It’s the old thing, people have to live somewhere.